Oil’s apocalyptic April could reverberate for years to come

first_imgTopics : The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades.The April crash sets up a bleak second quarter for the market, potentially causing some producers to go to the wall and destabilizing governments in many OPEC nations. A near-term recovery in prices seems unlikely, with around 70% of 130 respondents to a Bloomberg Intelligence survey saying they see Brent still below $30 a barrel by June.About 70% of Bloomberg Intelligence’s 130 survey respondents see Brent below $30 by June, prior to OPEC’s next meeting. With the world’s biggest economies in lockdown due to Covid-19 and Brent at a 17-year low, a near-term recovery seems unlikely as demand remains in free-fall and Saudi Arabia and Russia entrench supply dominance.While the crisis will see the energy industry finally achieve the restructuring it so badly needs, according to Goldman, the push for de-carbonization could hinder its recovery when demand returns. Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.“This will likely be a game-changer for the industry,” Goldman Sachs Group Inc. analysts including Jeffrey Currie and Damien Courvalin said in a March 30 note. “It is impossible to shut down that much demand without large and persistent ramifications to supply.”last_img read more

See More

Putin to host Russia WWII parade ahead of key vote

first_imgThe 67-year-old will survey a display of modern military might involving over 13,000 troops, with more than 20 items of hardware on show for the first time including Tosochka flame-throwers, T-90M tanks and Buk-M3 surface-to-air missile systems.Vintage vehicles such as the workhorse T-34 tank will also be on display and some troops will wear World War II uniforms.Putin, whose two-year-old brother died as Nazis encircled Leningrad, has sought to associate his regime with the most revered aspect of the Soviet era: wartime victory.Ahead of the parade, he slammed the West for “insulting Russia” by playing down the USSR’s role in winning the war.While Putin has pushed for the parade, some have voiced fears over the risk of infection, with mass public events still formally banned in Moscow.The event will see troops from 13 countries including China and India marching and more than 200 military vehicles rolling down central streets. ‘Historic truth’ More than a dozen Russian cities and regions have opted not to hold parades on the same day, citing virus risks, although events will go ahead in cities including Saint Petersburg and Volgograd.Showing jitters, both Moscow Mayor Sergei Sobyanin and Kremlin spokesman Dmitry Peskov have advised people to watch it on television rather than attend in person.”Why in hell are you holding it if you don’t recommend going?” top opposition politician Alexei Navalny asked in a live blog.At rehearsals, troops were wearing masks and rubber gloves but they will not do so on the day, an army source told AFP.Preference was given to troops with virus antibodies, the defense ministry said.Seated at intervals in the stands will be veterans who have been quarantined ahead of the event in sanatoriums, Putin’s spokesman Peskov said.French President Emmanuel Macron and Chinese counterpart Xi Jinping are among international leaders who were initially set to attend but have since cancelled.However, Belarusian leader Alexander Lukashenko and Chinese defense minister Wei Fenghe are expected to be there.Putin has angered some by fast-tracking the parade and the constitution vote while he remains carefully shielded from the virus.The opposition slammed him for timing the vote to benefit from a mood of patriotism straight after the parade.Navalny questioned why “this fraudulent, fake vote has to be dressed up with victory celebrations and victory symbols like tinsel”.One Moscow billboard urging Russians to vote shows a little girl in World War II uniform with the slogan: “We’ll protect the memory of our ancestors.”The constitutional amendments proposed by Putin include one honoring war victims and defending “historic truth”. Thousands of Russian troops will march in Moscow on Wednesday as President Vladimir Putin brushes off virus fears to host a World War II commemoration ahead of a crucial vote on his rule.The military display in Red Square to mark 75 years since the Soviet victory in World War II had been scheduled for May 9 but the Kremlin postponed it citing requests from veterans, as coronavirus cases shot up.Putin rescheduled the event as soon as lockdown measures eased, keen to move on from an outbreak that has hit his country hard. With more than 8,000 recorded fatalities and around 580,000 confirmed COVID-19 infections, Russia has the pandemic’s third largest caseload after the United States and Brazil.The parade coincides with the anniversary of the first post-war parade on Red Square, which saw Soviet troops throw down Nazi standards in front of the Lenin mausoleum on June 24, 1945.It comes just a week ahead of a national vote on constitutional amendments that would allow Putin, in power since 2000, to reset his term-limit clock to zero and stay in the Kremlin until 2036.The parade will be Putin’s first major appearance in public since the pandemic, after he attended an open-air flag-raising ceremony on June 12. Topics :last_img read more

See More

Belships Signs Merger Plan with Lighthouse Group

first_imgNorway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.Under the plan agreed on October 4, 2018, Belships’ subsidiary Belships Chartering AS will assume the assets, rights and obligations of the Lighthouse Companies, against issuance of consideration shares in Belships.The development comes almost three months after Belships’ majority shareholder, Sonata AS, entered into a deal to sell 30.2% of its share in the company to Kontrari and the subsequent merger of Kontrari’s subsidiaries (the Lighthouse Companies) and subsidiaries of Belships.The completion of the merger and the issuance of the consideration shares are expected to take place before year-end 2018, subject to the conditions for completion being fulfilled, Belships explained.last_img read more

See More

20-M Filipinos to be provided with free COVID-19 vaccine

first_img“DOH will put this in their budget, they will pay this P20 billion in two to three years, babayaran nila thru financing ng Landbank at DBP (Development Bank of the Philippines),” Dominguez said. Duterte said that poor Filipinos receiving government assistance will be the first to be given a vaccine against COVID-19 when it is already available followed by middle-income citizens, military and police. It will be the military who will implement the free COVID-19 vaccine giving. Department of Finance Secretary Carlos Dominguez III said during a Malacañang briefing aired yesterday morning that the government is capable of financing P20 billion worth of COVID-19 vaccines. Department of Finance Secretary Carlos Dominguez III says the Philippine government is capable of financing P20 billion worth of COVID-19 vaccines for at least 20 million poor Filipinos. WSJ According to Dominguez, the COVID-19 vaccines will be purchased via Philippine International Trading Corporation under the Department of Trade and Industry which will turnover the vaccine to DOH. MANILA – At least 20 million Filipinos will be provided with free coronavirus disease 2019 (COVID-19) vaccine, which President Rodrigo Duterte said is expected to be ready by December. “May three pharmaceutical companies na po sa China, one from Great Britain, one from the US na nasa advanced stage na. By around October, matatapos ang trials, so before December, most likely maa-approve ito ng Food and Drug Administration nila,” he said. “Ang una talaga ‘yung mga tao sa listahan na tumatanggap ng assistance sa gobyerno. Ngayon, pangalawa, ‘yung middle income. Libre ito, hindi ko ito ipagbili,” Duterte said. “‘Yung mga upper income bumili na lang kayo.” The President also said that drug pushers and drug lords will not be given COVID-19 vaccine, while it could be made available for the New People’s Army if they would “stop fighting” state forces during the health crisis./PNlast_img read more

See More

Pirates Hoops Duo Named Indiana AP All-State Basketball 1st Team

first_imgThe 2013-14 Indiana AP All-State Basketball 1st Team was released.The team is led by Mr. Basketball, Trey Lyles, from The 4A Champs Indianapolis Tech.  Also on the team includes Trevon Bluiett from The 2A Champs Park Tudor; James Blackmon, Jr. from Marion; and two members of The two-time 3A State Champs Greensburg Pirates, Sean Sellers and Bryant McIntosh.Congrats to Sean Sellers and Bryant McIntosh from The Sports Voice-Country 103.9 WRBI!last_img

See More

Gregory Frank Meyer, 61

first_imgGregory Frank Meyer, 61, passed away on October 28, 2019 at St. Francis Hospital, after a brief illness. He was born on November 3, 1957 in Batesville, Indiana the son of Leon and Marie Darlene (Freeland) Meyer.  Greg was a 1976 graduate of Greensburg Community High School.  He got a Bachelor of Art History from Indiana University in 1981.  He worked at the Greensburg Public Library.  Greg was a member of the Historical Society and St. Mary’s Catholic Church.  He liked to help people with their family genealogy.Survivors include: Father, Leon Meyer; Mother, Darlene Meyer; Sisters, Christy (Mike) Bokelman and Suzie (Paul) Ritter; Nieces, Ashley (Josh) Snapp, Abby Bokelman, Jennifer (Jason) Stiemann and Lily Ritter; Nephew, David Bokelman; Great Nieces and Nephews, Ryan, Carter, Ellie, Taylah, Cathan and Rowan.Rosary will be prayed at the St. Mary’s Catholic Church on Tuesday, November 5, 2019 at 9:30 am. A Memorial Mass will start at 10:00 am. Father John Meyer will be officiating.  Interment will follow at the St. Mary’s Catholic Cemetery.  In lieu of flowers the family ask that you honor Greg by donating to the Greensburg Public Library.  Online condolences can be made to the family at www.gilliland-howe.comlast_img read more

See More

Van der Sar backs Van Persie

first_img He added: “And he is still one of the best players in the Premier League.” If there is any team Van Persie can feel confident about breaking his duck against it is Stoke. He has scored seven goals in his last five games against the struggling Potteries outfit, including one in the reverse fixture at Old Trafford in October. Indeed, United as a whole can feel reasonably confident about a visit to the Britannia Stadium. After all, since Stoke returned to the top flight in 2008, United have won eight of their nine meetings, drawing the other one and with Tony Pulis’ men so out of form, it would be a major surprise if a previously unstoppable title drive stalled again so quickly after Monday’s reverse. “If Manchester United had won on Monday that would have been it,” said Van der Sar. “That result would have hurt, as it always does when United lose a game. “But the only way to get over it is to focus on the next one. The title is almost over and that is the prize they really want. Over the years United have had some good results at Stoke and they are more than capable of doing it again.” Edwin van der Sar insists Robin van Persie has nothing to reproach himself for despite his barren streak extending into double figures. Press Associationcenter_img It is now 10 games since Van der Sar scored his last goal for Manchester United, against Everton at Old Trafford on February 10. Since then the Red Devils have crashed out of both the Champions League and the FA Cup and on Monday were beaten by Manchester City to see their lead at the top of the Premier League cut to 12 points. But Van der Sar insists his fellow Dutchman need not be concerned about his contribution and said: “Robin is playing well. All he is not doing is scoring goals. As a striker, all you want to do is score. But he has done his bit during the first and middle portions of the season.” last_img read more

See More

Fahey on mark with Memories

first_img A Grade Three winner over hurdles last season and placed at the highest level at the Punchestown Festival in the spring, Paul Fahey’s charge was the 5-2 favourite for his third chasing start. With Paul Townend in the plate for the first time, Lots Of Memories jumped well, but had Jarry D’Honneur and Fine Rightly for company at the second-last. Lots Of Memories got off the mark over fences with a dominant display in the Irish Stallion Farms EBF Beginners Chase at Navan. The latter threatened to make a real race of it for a moment, but Lots Of Memories powered away on the run to the final fence and galloped 11 lengths clear. Champagne James stayed on for third. Fahey said: “This was two miles and four furlongs at the original stage (in the racing programme) but I missed the text when it was changed back to two miles and one. “We said we’d let him take his chance as if we wanted to run at Christmas he needed a prep run. He’s in the Topaz (Grade One, Leopardstown) over three miles, and he’s not done anything to suggest we shouldn’t go there. “Paul said he was on his head a bit but his jumping carried him through, and he said he got away with the trip, but back up in class he won’t.” Jerry Cosgrave’s stable star Mount Colah cruised to victory in the Foxrock Handicap Chase under Noel McParlan. Placed in the Poplar Square Chase on his seasonal reappearance before another good effort over hurdles at Thurles, the consistent eight-year-old was a 9-1 shot on his return to handicap company. Mount Colah travelled within himself throughout and was the only horse still on the bridle at the top of the home straight. Fever Pitch and Aupcharlie both gave generously under pressure, but Mount Colah was well in command jumping the final fence and safely negotiated the obstacle to cement his 11-length success. Fever Pitch beat Aupcharlie to the runner-up spot, while favourite Abbey Lane was disappointing, eventually pulling up. McParlan said: “He’s a smashing little horse, and the best I’ve ridden. We’ve been trying to get him to settle and the hood has helped this season. That’s as good as he’s ever felt.” center_img Press Associationlast_img read more

See More

Gleneagles in line for Deauville

first_imgAidan O’Brien would like to run dual 2000 Guineas winner Gleneagles in the Prix Jacques le Marois at Deauville next weekend. The three-year-old was a late defector from the Sussex Stakes at Goodwood as the ground was not deemed fast enough and any rain in the lead up to the race would see him staying at home. The Galileo colt holds an entry in the 10-furlong Juddmonte International at York but he has not yet raced over anything further than a mile. “We are looking at Deauville (Prix Jacques le Marois) and will be watching the weather forecast this week. If they don’t get rain we will look hard at going there,” said O’Brien. “He was ready to run in the Sussex Stakes at Goodwood and is in good form.” center_img Press Associationlast_img read more

See More

Former New Zealand captain McCullum announces retirement

first_img(REUTERS) – Former New Zealand skipper Brendon McCullum will retire from all forms of cricket when the Global T20 Canada league finishes this weekend, bringing the curtain down on a 20-year professional career, the 37-year-old said on Monday.The explosive batsman, whose decision comes three years after his retirement from international cricket, will not now take part in the inaugural Euro T20 Slam starting this month where he was to represent Glasgow Giants as an icon player.“It’s with pride and satisfaction that I am today announcing my retirement from all cricket,” McCullum said on social media. “My style… has always been full noise, full throttle… unfortunately, the sacrifices needed and commitment required to play that type of cricket have now become too great.”McCullum played in the last of his 101 Tests against Australia at Christchurch in Feb. 2016, where he hit the fastest century in the format (54 balls), finishing his career with 6,453 runs including 12 tons and 31 half-centuries. His final one-day international was against the same rivals earlier that month as he signed off with 6,083 runs from 260 matches. He played 71 T20 internationals scoring 2,140 runs.It was in the shortest format that McCullum was most sought after and he represented a number of Indian Premier League teams including Chennai Super Kings and Kolkata Knight Riders. He also played for Brisbane Heat in Australia’s Big Bash League, Lahore Qalandars in the Pakistan Super League, Trinbago Knight Riders in the Caribbean Premier League and Toronto Nationals in Canada.“I owe it to myself and the teams I represent to close that chapter rather than just plough on regardless of what I know to be true,” McCullum added. “I look back with pride over the way I’ve played the game and what I’ve achieved… in T20 cricket, I’ve enjoyed so many varied challenges, I can leave the game knowing I left no stone unturned.”McCullum’s Nationals, who are fourth in the table, take on Montreal Tigers on Wednesday. The top four reach the knockout stage with the final being staged on Sunday.last_img read more

See More